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TMI Blog2021 (1) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... a was appointed as IRP. Subsequently upon recommendation by CoC and order of the Adjudicating Authority dated 01.06.2018, Mr. TSN Raja was appointed as RP. b. That the Resolution Professional published invitation for EOI on 12.09.2018 and received 8 EOI's and one enquiry. c. That three Resolution proposals were received from the following PRAs: i. M/s. Raaga Mayuri Builders Pvt Ltd ii. M/s. Amaravathi Textiles Pvt Ltd & iii. M/s. Kamini Metalliks Pvt Ltd. d. That after discussions, Resolution Applicants were advised by CoC to submit revised plans. e. That M/s. Raaga Mayuri Builders Pvt Ltd dropped out on business reasons. Further, the CoC analyzed and ranked the other two proposals and declared M/s. Kamini Metalliks Pvt Ltd as H1 and held discussions with them. f. That M/s. Kamini Metalliks Pvt Ltd have improved their offer after discussion to Rs. 98.15 Crores from Rs. 81.5 Crores. g. That the Liquidation value of the Corporate Debtor's estate is Rs. 72 Crore. The Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SUB TOTAL 41.00 TOTAL 98.15 Reiterating above, counsel for the Applicant prayed to allow the Application as prayed for. 4. Heard and perused the record. 5. Section 30(2) of the Code as amended w.e.f. 06.08.2019 enjoins upon the resolution professional to examine each resolution plan received by him to confirm that such plan - a. provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the payment of other debts of the corporate debtor; b. provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than- i. the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or ii. the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in subsection (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f a Monitoring Committee for implementation and supervision of the Resolution Plan consisting the Insolvency Resolution Professional and nominees of the CoC as specified U/s of IBC, 2016. e) The Resolution Plan is not in contravention to any of the provisions of Law, for the time being in force, as specified U/s 30(2)(e) of IBC, 2016. f) The Resolution plan conforms to other requirements specified by the Board. 10. In terms of Regulation 27 of CIRP Regulations, Fair value and Liquidation value was ascertained through two registered valuers, and the same stands at Rs. 109.18 Crores and Rs. 96.92 Crores respectively. The total Resolution Plan value of Rs. 98.15 Crores is higher than the liquidation value. 11. The RP has complied with the code in terms of Section 30(2)(a) to 30 (2) (f) and Regulations 38(1), 38(1)(a), 38(2)(a), 38(2)(b), 38(2)(c) & 38(3) of CIRP regulations. 12. The identity of the Resolution Applicants have been duly verified by the RP and affidavit as per section 30(1) of the Code has been obtained from the Resolution Applicants stating that the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at if the CoC had approved the resolution plan by requisite percent of voting share, then as per section 30(6) of the Code, it is imperative for the resolution professional to submit the same to the adjudicating authority (NCLT). On receipt of such a proposal, the adjudicating authority (NCLT) is required to satisfy itself that the resolution plan as approved by CoC meets the requirements specified in Section 30(2). No more and no less. 18. In the said judgment, in para 35, the Hon 'ble Supreme Court held that the discretion of the adjudicating authority is circumscribed by Section 31 and is limited to scrutiny of the resolution plan "as approved" by the requisite percent of voting share of financial creditors. Even in that enquiry, the grounds on which the adjudicating authority can reject the resolution plan is in reference to matters specified in Section 30(2) when the resolution plan does not conform to the stated requirements. 19. In view of the discussions in the foregoing paragraphs, the 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of the code, 2016 and Regulations 37, 38, 38(1A) and 39 (4) o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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